Lifecare (LIFE) Q3 2025 earnings summary

Executive summary

• Secured NOK 80 million in funding, with bridge financing in place until a rights issue planned for January 2026, supporting development and regulatory milestones for implantable CGM technology.

• Finalized product design and production setup, positioning for near-term veterinary market entry and progressing toward first-in-human clinical approval.

• Achieved significant milestones: completed human study with MARD of 9.6%, advanced regulatory preparations for CE marking, and entered final regulatory review phase for first-in-human clinical approval.

• Early results from longevity trials in dogs confirm biocompatibility and reliable glucose data transmission, leading to product improvements.

• Regulatory review for first-in-human trial is ongoing, with approval expected by December 2025 and trial initiation in Q1 2026.

Financial highlights

• Q3 2025 revenue and other income totaled NOK 0.5 million, mainly from grants, with YTD 2025 at NOK 1.54 million.

• Operating expenses for Q3 2025 reached NOK 66.4 million, driven by product development, regulatory compliance, and new production facility costs.

• Net loss for Q3 2025 was NOK 64.9 million, with cash at quarter-end of NOK 6 million and net cash outflow of NOK 26 million.

• R&D expenses YTD were NOK 60 million, with stable administrative costs.

• Total equity was negative NOK 6.7 million at quarter-end, reflecting accumulated losses.

Outlook and guidance

• Veterinary market launch expected in 1H 2026, with human CE mark and European launch targeted for 2027.

• Regulatory approval for first-in-human trial anticipated by end of December 2025, with trial commencement in Q1 2026 and pivotal human trials to start mid-2026.

• Rights issue of NOK 80-100 million planned for January 2026, with bridge loans securing operations until then.

• Revenue contributions expected from 2027, aligned with commercial timeline.

• Board considers going concern assumption appropriate based on planned capital measures.